APEC
APEC (Asia-Pacific Economic Cooperation) is an association of 21 countries in the Asia-Pacific region which works together to achieve economic growth, cooperation, trade and investment. [1]
APEC operates on the basis of non-binding commitments. Unlike other multilateral trade bodies, APEC has no treaty obligations required of its participants. Decisions made within APEC are reached by consensus and commitments are undertaken on a voluntary basis.
Purpose and Goals
APEC was established in 1989 with the aims of enhancing economic growth and prosperity for the region and strengthening the Asia-Pacific community.
Since its inception, APEC has worked to reduce tariffs and other trade barriers across the Asia-Pacific region, creating more efficient domestic economies and increasing exports. In 1994 the APEC leaders agreed the 'Bogor Goals' of free and open trade and investment in the Asia-Pacific by 2010 for industrialised economies and 2020 for developing economies.
Member States
APEC's 21 members account for approximately 41% of the world's population, approximately 56% of world GDP and about 49% of world trade. These members are:
- Australia
- Brunei Darussalam
- Canada
- Chile
- China
- Hong Kong
- Indonesia
- Japan
- Republic of Korea
- Malaysia
- Mexico
- New Zealand
- Papua New Guinea
- Peru
- Philippines
- Russia
- Singapore
- Taiwan
- Thailand
- United States of America
- Vietnam